EQT raises bid for Securitas, extends acceptance period

Tweet
Facebook
LinkedIn
Google plus
Send to

ESML Intressenter AB, jointly owned by EQT (c64%), Sakl (c8%), Melker Schorling AB and Investment AB Latour (c17%), has raised its bid for Securitas Direct from SEK 26 to SEK 27.5 per share, increasing the total value of the bid to SEK 10.1bn from SEK 9.6bn. On completion of the offer, EQT V will buy out ESML Intressenter's other shareholders on the basis of the new offer price.

The increased bid has been unanimously recommended by the independent committee of the directors of Securitas Direct.

For the original bid at SEK 26 per share, the consortium only gained acceptance for 54.1% of the share capital and 67.8% of the votes. The fourth AP fond, one of the larger owners in the business, reportedly declined the offer together with the board of directors. US hedge fund Pennant Capital has increased its shareholding in the company in order to try to stop the bid from meeting the 90% acceptance rate.

The acceptance period for Securitas Direct has also been extended a third time until 14 March 2008 at 16:00 CET. ESML is evaluating a number of alternatives, including waiving the 90% acceptance condition. So far 73.8% and 81.6% of capital and voting rights have accepted the bid.